Igloo secures $36m in pre-series C funding

The new funds will be utilised for M&A efforts, talent acquisition, and product/value chain.

Insurtech firm Igloo has closed a $36m pre-series C funding round, with global investment firm Eurazeo leading the investment. Eurazeo invested through its insurtech fund backed by BNP Paribas Cardif. 

The newly acquired funds will support Igloo's mergers and acquisitions efforts, talent acquisition, and product/value chain enhancements. 

Key areas of focus include motor, health, climate-related products, underwriting and claims digitisation, and the incorporation of AI and blockchain technologies. Further, the insurtech plans to increase its workforce by 20% across various verticals.

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Openspace and La Maison, participants in previous Igloo fundraises, also joined in this round.

This funding round, occurring just 10 months after Igloo's Series B+, brings the company's total raised capital to $100m. 

The company said in a statement that its valuation has increased by 50% since its Series B+ round in 2022, showcasing the company's progress toward profitability by 2024.

Igloo's said it plans to double its 2022 Gross Written Premiums (GWP) at a low burn rate, emphasising its engineering core and data-centric approach. The company aims to capitalise on the untapped potential in Asia's insurance market, particularly in emerging economies like Indonesia, Vietnam, and the Philippines.